Yen declines in Asia as investors take risks | The Daily Star
11:00 PM, August 04, 2009 / LAST MODIFIED: 11:00 PM, August 04, 2009

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Yen declines in Asia as investors take risks

The safe-haven yen lost ground in Asian trade on Tuesday as growing hopes of a global economic recovery lifted risker currencies such as the euro, the New Zealand dollar and the British pound.
The US dollar gained to 95.40 yen in Tokyo morning trade from 95.23 in New York late on Monday.
The euro slipped to 1.4407 dollars from 1.4411 on Monday, when it hit the highest level since December. The euro climbed to 137.40 yen from 137.29.
Growth sensitive currencies were in demand, with the New Zealand dollar rising above 0.67 US dollars for the first time in 10 months and the pound hitting multi-month highs against the dollar and the yen.
"The catalyst for broad-based declines in the (US) dollar were economic reports consistent with hopes for a global economic recovery," NAB Capital analyst John Kyriakopoulos wrote in a note.
"Investor risk-appetite was higher, evident in sharp stock market gains across the world" and rises in commodity prices on hopes of stronger demand for raw materials, he added.
Supporting recovery hopes, the Institute of Supply Management said its index of the US manufacturing sector rose to a better than expected 48.9 percent in July from 44.8 percent in June.

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